Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly converged to a consistent pattern after the auctions started in 1991. Factors are identified that influenced the expected profitability of auction participation, which was on average...

Not long ago, financial markets in most poor and middle-income countries were shallow to nonexistent, and closed to foreigners. Governments often had to rely on risky borrowing abroad; the private sector had even fewer options. But between 1995 and 2005, domestic debt in the emerging markets grew...

Latin American domestic bond markets have developed rapidly in the past few years. Yield curves have been extended, issuance has shifted towards long-term, fixed-rate bonds, and non-resident participation has increased. Several factors have contributed to this process: Pension reform, increased...

The duration and volume of foreign indebting bear an important issue for every economy no matter how developed it is. Foreign indebting, which is applied when domestic savings can not meet the planned investments, causes different results based on the economic structures and the way that they...

The duration and volume of foreign indebting bear an important issue for every economy no matter how developed it is. Foreign indebting, which is applied when domestic savings can not meet the planned investments, causes different results based on the economic structures and the way that they...

The duration and volume of foreign indebting bear an important issue for every economy no matter how developed it is. Foreign indebting, which is applied when domestic savings can not meet the planned investments, causes different results based on the economic structures and the way that they...

The paper gives an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations....

The paper gives an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations....

The paper gives an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations....

On the basis of a qualitative survey, this paper shows that the participation of French investors in emerging market economies’ local bond markets is in expansion but remains hampered by the persistent strong perception of the associated risk.